Global prime rents climbs but rate of growth slows

Prime rents continue to rise in London but the rate of growth is slowing, according to Knight Frank. Across 10 global cities luxury rents increased 10.2 per cent on average in the 12 months to the third quarter (Q3) of 2022, down from a high of 11.9 per cent in the first quarter (Q1) of 2022, according to Knight Frank in a report. These cities are New York, London, Singapore, Toronto, Sydney, Tokyo, Geneva, Monaco, Hong Kong and Auckland.

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New York led the rankings for the third consecutive quarter. Annual growth may have dipped from a high of 39 per cent last quarter to 31 per cent, but limited stock and continued demand is keeping rents elevated, according to Knight Frank. The number of properties for rent across Manhattan is down 5 per cent over the quarter but 65 per cent lower compared to pandemic times in September 2020, according to StreetEasy.